Bank Independent to Buy Colonial Branches
By Alabama Public Radio
Sheffield, AL – Sheffield-based Bank Independent is buying 13 branches of Colonial Bank in Northwest Alabama. Bank Independent President Macke Mauldin and Colonial BancGroup Chair Robert Lowder announced the acquisition Tuesday. Terms of the agreement were not disclosed. Bank Independent currently has 15 offices in Colbert, Lauderdale, Limestone and Morgan Counties. The purchase will add the Colonial offices in Florence and Lexington, Muscle Shoals and Tuscumbia, Decatur and Hartselle, Russellville and Red Bay, Moulton and Athens. Bank Independent will now have total assets of more than $750 million when the deal is complete. Colonial has assets of about $20 billion.